Kenya Airways commends Afreximbank’s support in aircraft acquisition

Categories: News

Kenya Airways has commended the African Export-Import Bank (Afreximbank) for its pioneering role in arranging the $1.9 billion financing for its 20-aircraft fleet acquisition.

On 31 March 2014, Afreximbank delivered the first Boeing 787-800 “Dreamliner” next generation aircraft to Kenya Airways at the start of the second phase of the multi-billion-dollar transaction which involves delivery of eight additional 787-800 “Dreamliners” and a 777-300ER. During the first phase Afreximbank delivered 10 Embraer-190 aircraft to Kenya Airways.

Speaking at a dinner organized by Kenya Airways in Nairobi to celebrate the new aircraft, Alex Mbugua, Chief Financial Officer of the Airline, expressed deep appreciation to Afreximbank for serving as the mandated lead arranger with for the financing facility.

Also speaking, Dr. Titus Naikuni, Kenya Airways Group Managing Director and CEO, commended the Bank and the other participating institutions, including J.P. Morgan, for their support to the airline.

In a message to Kenya Airways, Afreximbank President Jean-Louis Ekra had congratulated the airline for being among the first to acquire the new state-of-the-art aircraft and said that the Bank was proud to have been associated with that achievement.

“We are confident that this delivery will enable you to strengthen and expand your route network and, as such, bring about increased business connections across the continent,” said Mr. Ekra. “This is consistent with Afreximbank’s commitment to supporting transactions that further Africa’s economic integration.”

Patrick Adauye-Odiete, Manager (Agency), whose department was a lead unit in arranging the financing facility, and who served as the facility agent and security trustee on the Boeing delivery, represented Afreximbank at the celebration.

Patrick Aduaye-Odiete of Afreximbank checks out the cockpit of the new aircraft.

Patrick Aduaye-Odiete of Afreximbank checks out the cockpit of the new aircraft.